Ares Management Corp Acquires 300-Unit Everlight Apartment In Redmond From AEW Capital Management For $123.2M

Ares Management Corp acquired Everlight, a multifamily property located at 8709 161st Avenue Northeast in Redmond, WA. The transaction was valued at $123.2 million, reflecting a price per unit of $410,667 for the 300 units in the property. Built in 2019, the property includes a variety of unit types from studio to two-bedroom, as well as amenities such as a fitness center, clubhouse, rooftop terrace, and dog park.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $123,200,000
• Units: 300
• Price Per Unit: $410,667
• Buyer: Michael Arougheti - Ares Management Corp
• Seller: Jon Martin - AEW Capital Management
• Market: Redmond, WA

This transaction highlights the involvement of Michael Arougheti representing Ares Management Corp as the buyer and Jon Martin representing AEW Capital Management as the seller. Each party brought their respective expertise to the deal, facilitating a successful transaction in the multifamily market.